The results of the U.S. Family Business Survey findings brought out the importance of being prepared to compete in a far more digital economy. Family businesses have built up trust among loyal employees and their ownership group.
When it comes to the family, dynamics are changing. There is no longer one dominant family form in the U.S., according to Pew research. Parents are waiting longer to have children, and many millennials are living at home or taking a less direct route to adulthood.
The Internet has bought connection, communication, and efficiency to the business world, including famiy offices. However, conducting business online without proper security and knowledge of risks can endanger the family and its data.
The reality today is many companies have relied too much on conducting just a cybersecurity compliance checklist assessment and framework. While compliance with government and industry documentation standards is good, it is not sufficient, nor does it ensure real information security.
Whether it’s dealing with a growing number of regulations or shoring up data privacy measures in response to heightened scrutiny, the tech industry is facing both opportunities and challenges as companies decide on how to scale sustainably without sacrificing their business goals and ambitions.
Having a good cyber risk management program in place might help a company prevent some breaches. But more importantly, when a breach does happen, it can help companies get back on their feet faster and mitigate financial and reputational damage.
As the office of the controller becomes ever more strategic—creating higher levels of financial visibility to help drive growth and profitability—the financial organization’s relationship to the controller role must evolve as well.